RMB Capital Management LLC Lowers Stake in 3M (NYSE:MMM)

RMB Capital Management LLC lowered its stake in shares of 3M (NYSE:MMM) by 5.8% in the first quarter, HoldingsChannel.com reports. The firm owned 9,078 shares of the conglomerate’s stock after selling 556 shares during the period. RMB Capital Management LLC’s holdings in 3M were worth $1,749,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Pendal Group Limited lifted its holdings in 3M by 103,772.8% during the 1st quarter. Pendal Group Limited now owns 5,826,225 shares of the conglomerate’s stock worth $1,122,670,000 after buying an additional 5,820,616 shares in the last quarter. Norges Bank acquired a new stake in 3M during the 4th quarter worth approximately $490,349,000. BlackRock Inc. lifted its holdings in 3M by 6.0% during the 4th quarter. BlackRock Inc. now owns 41,174,440 shares of the conglomerate’s stock worth $7,196,879,000 after buying an additional 2,319,000 shares in the last quarter. FMR LLC lifted its holdings in 3M by 78.9% during the 4th quarter. FMR LLC now owns 4,656,084 shares of the conglomerate’s stock worth $813,837,000 after buying an additional 2,053,818 shares in the last quarter. Finally, Flossbach Von Storch AG lifted its holdings in 3M by 8.8% during the 1st quarter. Flossbach Von Storch AG now owns 9,713,725 shares of the conglomerate’s stock worth $1,871,641,000 after buying an additional 781,642 shares in the last quarter. 66.42% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have issued reports on MMM shares. Deutsche Bank Aktiengesellschaft increased their target price on shares of 3M from $192.00 to $199.00 and gave the stock a “hold” rating in a report on Wednesday, April 28th. Barclays raised their price objective on shares of 3M from $163.00 to $180.00 and gave the company an “underweight” rating in a report on Tuesday, April 6th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $206.00 price objective on the stock in a report on Thursday, April 29th. Credit Suisse Group reduced their price objective on shares of 3M from $213.00 to $210.00 and set an “outperform” rating on the stock in a report on Wednesday, April 28th. Finally, Morgan Stanley raised their price objective on shares of 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a report on Monday, April 12th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $193.45.

NYSE MMM opened at $203.13 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.83 and a quick ratio of 1.30. The firm has a fifty day moving average of $200.54. The stock has a market cap of $117.75 billion, a P/E ratio of 20.73, a price-to-earnings-growth ratio of 2.20 and a beta of 0.96. 3M has a 12 month low of $148.80 and a 12 month high of $208.95.

3M (NYSE:MMM) last posted its earnings results on Monday, April 26th. The conglomerate reported $2.77 EPS for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.48. The firm had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.43 billion. 3M had a net margin of 17.34% and a return on equity of 44.00%. The company’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm posted $2.16 EPS. As a group, equities analysts expect that 3M will post 9.73 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 12th. Shareholders of record on Friday, May 21st will be given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Thursday, May 20th. 3M’s payout ratio is currently 67.73%.

In other 3M news, VP Ivan K. Fong sold 12,059 shares of the firm’s stock in a transaction on Friday, April 30th. The shares were sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the transaction, the vice president now directly owns 47,872 shares of the company’s stock, valued at approximately $9,500,677.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kristen M. Ludgate sold 933 shares of the firm’s stock in a transaction on Wednesday, April 21st. The stock was sold at an average price of $200.00, for a total transaction of $186,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 13,025 shares of company stock worth $2,586,414 over the last three months. 0.34% of the stock is currently owned by insiders.

About 3M

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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